True-up Procedure Clause Samples

The True-up Procedure clause establishes a process for reconciling and adjusting payments or balances between parties to reflect actual amounts owed after initial estimates or provisional figures have been used. Typically, this involves a review of final data or actual costs at a specified time, followed by a calculation to determine if additional payments or refunds are necessary to ensure both parties are settled accurately. This clause ensures financial accuracy and fairness by correcting discrepancies that arise from using estimated figures, thereby preventing overpayment or underpayment.
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True-up Procedure. At the time of the preparation of the Annual Study for 2005 (as set forth below in paragraph 2(a) of this Schedule C), a similar study shall be prepared for 2004 (the “2004 Study”) and submitted to the Company in accordance with paragraph 2(a) of this Schedule C. The Company shall pay or be credited for, as the case may be, any differential between (i) the combined Service Costs and Overhead Expenses from $66,667 per month for the period from the Effective Date of this Agreement until December 31, 2004 and (ii) the combined Service Costs and Overhead Expenses identified in the 2004 Study for the period from the Effective Date of this Agreement until December 31, 2004.
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True-up Procedure. (a) Seller shall compare the total number of MWh of Delivered Energy sold to Purchaser in the Measurement Month (On Peak Hours and Off Peak Hours) to the total number of MWh of Purchaser’s Metered Output in the same Measurement Month (On Peak Hours and Off Peak Hours). (b) If the amount of Delivered Energy sold to Purchaser during On Peak Hours in such Measurement Month was greater than 105% of the amount of Purchaser’s Metered Output during On Peak Hours in the same Measurement Month, Seller will calculate the (c) If the amount of Delivered Energy sold to Purchaser during Off Peak Hours in such Measurement Month was greater than 105% of the amount of Purchaser’s Metered Output during Off Peak Hours in the same Measurement Month, Seller will calculate the difference between the Contract Price and the Market Price Index for Off Peak Hours during that Measurement Month. If the Market Price Index for Off Peak Hours for such Measurement Month is higher than the Contract Price, Purchaser will pay Seller an amount to be calculated as (d) If the amount of Delivered Energy sold to Purchaser during On Peak Hours in a Measurement Month is less than 95% of the amount of Purchaser’s Metered Output during On Peak Hours in the same Measurement Month, Seller will calculate the difference between the Contract Price and the Market Price Index for On Peak Hours during that Measurement Month. If the Market Price Index for On Peak Hours for such Measurement Month is higher than the Contract Price, Seller will pay Purchaser an amount to be calculated as (e) If the amount of Delivered Energy sold to Purchaser during Off Peak Hours in a Measurement Month is less than 95% of the amount of Purchaser’s Metered Output during Off Peak Hours in the same Measurement Month, Seller shall determine the difference (stated in MWhs) between 95% of Purchaser’s Metered Output during Off Peak Hours and the actual amount of Delivered Energy during Off Peak Hours in such Measurement Month. Seller will calculate the difference between the Contract Price and the Market Price Index for Off Peak Hours during that Measurement Month. If the Market Price Index for Off Peak Hours for such Measurement Month is higher than the Contract Price, Seller will pay Purchaser an amount to be calculated as (x) the number of MWh by which 95% of the Purchaser’s Metered Output during Off Peak Hours in the Measurement Month exceeds the Delivered Energy sold to Purchaser during Off Peak Hours in the Measurement Month, m...
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Related to True-up Procedure

  • ARTICLE GRIEVANCE PROCEDURE The parties to this Agreement are agreed that it is of the utmost importance to adjust complaints and grievances as quickly as possible. Unless agreed to by both the Company and the Union, no grievance shall be presented, the alleged circumstances of which originated or occurred, or should have come to the attention of the employee concerned, more than five (5) working days prior to its original presentation in writing at Step A grievance shall consist of a dispute concerning interpretation and/or application of any Article, Schedule or Clause in this Agreement. Should a grievance arise it shall be handled as follows. Prior to filing a formal grievance, an employee will, with the assistance of his ▇▇▇▇▇▇▇, refer the on an informal basis to his immediate Supervisor. If the grievance cannot be settled as a result of this discussion, then it may be dealt with as follows: STEP The employee shall a written grievance with his immediate Supervisor within five (5) working days of the incident giving rise to the complaint. The immediate Supervisor shall answer the grievance within five (5) working days. The grievance shall specify the Article or Articles and subsections of the Agreement of which a violation is alleged, indicate the relief sought and be signed by the employee. STEP Should the employee be dissatisfied with the disposition of the grievance at Step the grievance may be referred to the Plant Manager within five (5) working days after receipt of the immediate Supervisor's reply at Step The Plant Manager shall convene a meeting with the and Chief ▇▇▇▇▇▇▇ and shall answer the grievance in writing within five (5) working days of such meeting. STEP If no settlement is reached at Step the the Union Grievance Committee and representatives of Management shall meet to discuss the grievance within five (5) working days of receipt of the reply of the Plant Manager. The Union's National Representative will be in attendance at this meeting. If the grievance is not settled within five (5) working days it may be referred to arbitration as hereinafter provided. The Union or the Company may initiate a grievance beginning at Step of the Grievance Procedure. Such grievance shall be filed within five (5) working days of the incident giving rise to the complaint and be in the form prescribed in Step Any such grievance may be referred to arbitration under Article by either the Union in the case of a Union grievance or the Company in the case of a Company grievance. The Union may not institute a grievance directly affecting an employee or employees which such employee or employees could themselves institute and the regular Grievance Procedure shall not thereby be by-passed except where the grievance would affect the Bargaining Unit as a whole. This Clause shall not preclude a group grievance signed by a group of employees commencing at Step Any complaint or grievance which is not commenced or processed through the next stage of the Grievance or Arbitration Procedure within the time specified shall be deemed to have been dropped. However, time limits specified in the Grievance Procedure may be extended by mutual agreement in writing between the Company and the Union. An employee who has been discharged or suspended may file a written grievance at Step within five (5) working days of the discharge or suspension. In taking disciplinary action within twenty-four (24) months from the date of a suspension or dismissal (reinstatement) for a similar infraction, the Company may consider the employee's entire record preceding suspension or dismissal (reinstatement), as the case may be. In taking disciplinary action within twelve 2) months from the date of an oral or written warning for a similar infraction, the Company may consider the employee's entire record preceding the employee's oral or written warning, as the case may be.

  • Escalation Procedure Tentative Rates for those species and products listed in A4a are subject to quarterly escalation in accordance with the following pro- cedures: The calendar quarter index average for each price index described in A5 is the arithmetic average of the three such monthly price indices preceding January 1, April 1, July 1, and October 1. The difference between calendar quarter index average and Base Index listed in A4a shall be the basis for quarterly escalation. To arrive at Current Contract Rates for timber Scaled during the preceding calendar quarter, Tentative Rates for each species shall be reduced or increased by such difference, except when the calendar quarter index average is: (a) Less than the Base Index, the reduction shall not result in a rate below Base Rate or (b) Greater than the Base Index, the increase shall not exceed the difference between Tentative Rate and Base Rate. In the event of Contract Term Extension, the escala- tion procedure will be used during the extension period, except that adjusted payment rates for any calendar quar- ter cannot be less than Tentative Rates, for each species and product group, established under B8.23 for the ex- tension period.

  • Review Procedure If the Plan Administrator denies part or all of the claim, the claimant shall have the opportunity for a full and fair review by the Plan Administrator of the denial, as follows:

  • BILLING PROCEDURE a. The Contractor shall submit, not more than semi-monthly, properly completed A-19 vouchers (the "voucher") to one of the following: The Department of Children, Youth, and Families Attn: ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ PO Box 40970 Olympia WA 98504-0970 Or, email a scan of an original, signed A-19 voucher directly to the DCYF Contract Manager at ▇▇▇▇▇.▇▇▇▇▇▇▇▇@▇▇▇▇.▇▇.▇▇▇ b. Payment to the Contractor for approved and completed work shall be made by warrant or Electronic Funds Transfer by DCYF and considered timely if made within 30 days of receipt of a properly completed voucher. Payment shall be sent to the address designated by the Contractor and set forth in this Contract. c. Each voucher must clearly reference the DCYF Contract Number and the Contractor's Statewide Payee Registration number assigned by the Office of Financial Management (OFM). d. Properly completed vouchers and attachments completed by the Contractor must contain the information described in Exhibit A under the Section titled "Compensation and Voucher Payment".

  • 000 GRIEVANCE PROCEDURE 7. 100 It is agreed that it is the spirit and intent of this Agreement to adjust grievances promptly. All grievances, including discharge for just cause, but not those pertaining to jurisdictional disputes that may arise on any work covered by this Agreement, must be initiated within fifteen (15) working days of the incident by either the employee in Step I or the Local Union in Step II and shall be handled in the following manner: